Top Story : Sunway Holdings – Earnings visibility improves further
Visit Note:
The high construction margins recorded in 1QFY12/10 appear sustainable over the next few quarters.Property profits from Malaysia are likely to exceed our forecasts as Sunway rides on its seeminglyworkable "boutique development" strategy. The still relatively poor visibility for new public jobs will not derail Sunway's overall growth prospects as growth in non-construction profits remains robust. FY12/10-12 net profit forecasts are raised by 7-11% largely to reflect higher construction margins and stronger property profits from Malaysia. Fair value is raised by 39% from RM1.69 to RM2.35. Maintain Outperform.
RHB Equity 360° - 23 June 2010 (Sunway Holdings, Motor, O&G, Kencana, KFC, Proton; Technical: My E.G.)
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